Otis Worldwide Co. (NYSE:OTIS) Receives Consensus Recommendation of “Hold” from Analysts

Otis Worldwide Co. (NYSE:OTIS) has earned a consensus recommendation of “Hold” from the ten brokerages that are currently covering the stock, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $102.71.

OTIS has been the topic of a number of research reports. Barclays boosted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday.

Otis Worldwide Price Performance

NYSE:OTIS opened at $104.03 on Friday. Otis Worldwide has a one year low of $73.32 and a one year high of $105.39. The company has a fifty day moving average price of $96.21 and a 200 day moving average price of $96.42. The stock has a market cap of $41.67 billion, a P/E ratio of 29.06 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the business earned $0.92 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.50%. Otis Worldwide’s dividend payout ratio is 43.58%.

Institutional Investors Weigh In On Otis Worldwide

A number of hedge funds and other institutional investors have recently bought and sold shares of OTIS. Wesbanco Bank Inc. grew its holdings in Otis Worldwide by 3.8% during the 3rd quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company’s stock worth $3,604,000 after acquiring an additional 1,262 shares during the last quarter. Selway Asset Management grew its stake in shares of Otis Worldwide by 0.8% during the third quarter. Selway Asset Management now owns 20,021 shares of the company’s stock valued at $2,081,000 after purchasing an additional 150 shares during the last quarter. CHICAGO TRUST Co NA increased its holdings in shares of Otis Worldwide by 21.6% in the third quarter. CHICAGO TRUST Co NA now owns 2,678 shares of the company’s stock valued at $278,000 after purchasing an additional 475 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Otis Worldwide by 1,094.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock worth $145,000 after purchasing an additional 1,281 shares during the last quarter. Finally, Carnegie Investment Counsel lifted its holdings in Otis Worldwide by 7.0% during the 3rd quarter. Carnegie Investment Counsel now owns 190,321 shares of the company’s stock worth $19,782,000 after buying an additional 12,430 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.